Sunday, February 14, 2010
WSJ on Chavez
"To the short and brutal list of life's certainties, let us add that socialism invariably leads nations to economic ruin. ... Behind the crack-up of Mr. Chavez's utopia is the fact that he's running out of money because Venezeula's oil production is plunging", WSJ Editorial, 30 January 2010, link:
No. Chavez's problem is that of Arnold Schwarzenegger and David Patterson, i.e., neither controls the world's reserve currency. Chavez can print all the money he wants, but it is only usable in Venezeula.